Late surge in the energy sector leaves stock indexes higher

A late rally led by energy companies pushed U.S. stock indexes higher Monday after the market flitted between small gains and losses for most of the day.

Stocks opened higher, then moved down, then back up as investors seemed unable to make up their minds. A pair of weak reports on the U.S. economy fed the uncertainty. Oil prices ended up surging for a third straight day, and stocks of big producers jumped. All 10 industry sectors in the Standard and Poor's 500 index rose.

The market got a lift in early trading after European markets climbed following reassuring comments from France on Greece's efforts to ease the terms of its financial rescue program.

At mid-morning Eastern time, a closely watched monthly report revealed that U.S. manufacturing expanded last month at the slowest pace in a year. Also, the Commerce Department reported that consumer spending edged lower in December as vehicle sales slowed and more Americans chose to save rather than spend.

Oct. 1 -- U.S. markets suffered their worst quarter since 2011 in the third quarter with all three indexes falling by at least seven percent. Bloomberg's Julie Hyman recaps the market carnage on "Bloomberg Surveillance."

Oct. 1 -- U.S. markets suffered their worst quarter since 2011 in the third quarter with all three indexes falling by at least seven percent. Bloomberg's Julie Hyman recaps the market carnage on "Bloomberg Surveillance."

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Sept. 30 -- The Senate passed a U.S. government spending plan hours before a shutdown deadline, sending the bill to the House where Speaker John Boehner promised a vote over objections from fellow Republicans who wanted to use it to defund Planned Parenth

Sept. 30 -- The Senate passed a U.S. government spending plan hours before a shutdown deadline, sending the bill to the House where Speaker John Boehner promised a vote over objections from fellow Republicans who wanted to use it to defund Planned Parenth

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Target announced it will match its online prices to the prices of nearly two dozen online competitors beginning Thursday. Sept. 30, 2015 (CBS Minnesota)

Target announced it will match its online prices to the prices of nearly two dozen online competitors beginning Thursday. Sept. 30, 2015 (CBS Minnesota)

Investors are also on edge after a Greek election that put the anti-austerity Syriza party into power. Also, prices are falling in Europe and China's economy, the world's second-largest, is slowing.

Adding to the concerns: A report Friday showing the U.S. economy grew at 2.6 percent annual rate in the fourth quarter, nearly half as fast as in the previous quarter and less than economists had expected.

“The U.S. has been able to chug along despite what's going on in the rest of the world,” market strategist Bill Strazzullo of Bell Curve Trading said after the factory report came out. “But now it looks like there is a bit of contagion.”

U.S. crude oil rose $1.33 to close at $49.57 a barrel in New York, its highest level in nearly a month. Traders bet that oil has bottomed out despite signs of rising inventories and a refinery strike that may shrink crude consumption. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $1.76 to close at $54.75 a barrel in London.

Investors will turn their attention next to several big companies reporting this week, including United Parcel Service and Disney on Tuesday and General Motors on Wednesday.

With about half the companies in the S&P 500 index already out with their results, earnings for companies in the index are expected to have risen 2.2 percent in the fourth quarter, according to FactSet, a financial data provider. That is one of the smallest gains since the economic recovery began nearly six years ago.

The dollar rose to 117.60 yen from 117.43 yen Friday. The euro strengthened to $1.1344 from $1.1285.

U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.67 percent. Gold edged down $2.30 to $1,276.90 an ounce, silver fell four cents to $17.25 an ounce and copper was flat at $2.49 a pound.